Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Adaptive Biotechnologies (ADPT) initiated with a Buy at Goldman Sachs. 2. Deckers Brands (DECK) initiated with an Outperform at Cowen. 3. Allegion (ALLE) initiated with a Market Perform at William Blair. 4. Warner Music (WMG) initiated with a Neutral at Atlantic Equities. 5. Eagle Materials (EXP) reinstated with a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Wedbush analyst Laura Chico raised the firm's price target on Alexion (ALXN) to $138 from $120 and keeps an Outperform rating on the shares. The analyst notes that the company issued an 8-k disclosing that it has reached a settlement agreement with Amgen (AMGN) in the IPR proceeding. Chico sees the settlement agreement affording clarity and additional timing for Alexion to execute on its Ultomiris diversification strategy.

Credit Suisse analyst Martin Auster raised the firm's price target on Alexion (ALXN) to $147 from $142 and keeps an Outperform rating on the shares. The analyst notes that Alexion has announced initial details of a settlement agreement with Amgen (AMGN) to terminate three pending IPRs. Under the terms of the settlement agreement, Alexion will grant Amgen a non-exclusive, royalty-free license for eculizumab effective March 1, 2025, he adds. Auster sees the settlement agreement as removal of a meaningful overhang that may prompt investor reengagement with shares.

Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Amazon (AMZN) scaled back deliveries and adjusted routes in cities including Chicago and Los Angeles, Apple (APPL) kept some outlets shut, while Target (TGT) extended store closures nationwide after the death of George Floyd sparked demonstrations across the country, Bloomberg's Spencer Soper and James Ludden reported. "We are monitoring the situation closely and in a handful of cities we adjusted routes or scaled back typical operations to ensure the safety of our teams," an Amazon spokeswoman told Bloomberg News. 2. According to a company's filing, "On May 28, 2020, Alexion Pharmaceuticals [ALXN] and Amgen [AMGN] entered into a Confidential Settlement and License Agreement to settle three inter partes review proceedings at the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office initiated by Amgen that the Company previously disclosed. Pursuant to the Settlement Agreement, the company and Amgen have agreed to file a motion with the PTAB to terminate each of the pending IPRs. In addition, effective March 1, 2025 (or an earlier date in certain circumstances), the company grants to Amgen (and its affiliates and certain partners) a non-exclusive, royalty-free, license under U.S. patents and patent applications related to eculizumab and various aspects of the eculizumab product that the company currently markets and sells under the tradename SOLIRIS. This license will allow Amgen (and its affiliates and certain partners), effective March 1, 2025, the right to make, have made, use, import, have imported, sell, have sold, offer for sale, have offered for sale, distribute, and have distributed in or for the U.S., an eculizumab product." 3. President Trump declared war on Twitter (TWTR), and Wall Street trembled, with the stock shedding 9% of its value from Wednesday to Friday as investors digested the financial implications of the company having the world's most powerful person-and its most loyal user-as a mortal enemy, Eric Savitz wrote in this week's edition of Barron's. While tech stocks have outperformed during the pandemic, the Twitter-White House spat brings back a bad memory from 2019 and could mean a return of the "tech lash," another challenge for stocks this summer, the author added. Twitter's 9% decline equated to $2.4B in lost market value, the publication notes, pointing out that a similar move applied to the tech giants, would be far more substantial. Microsoft (MSFT), Apple, Amazon, Alphabet (GOOGL), and Facebook (FB) have a combined market value of $5.6T. A 9% haircut comes to $500B, Savitz contended. 4. Coty (COTY) is set to appoint its fourth new chief executive in less than four years, as the cosmetics and fragrance maker strives to revive slumping sales and reduce its burdensome debt load, The Wall Street Journal's Ben Dummett and Sharon Terlep reported. Peter Harf, Coty's current chairman, will also assume the CEO role as soon as Monday, the authors noted, citing people familiar with the matter. 5. Spirit Airlines (SAVE), Southwest Airlines (LUV), Delta Air Lines (DAL), Extended Stay America (STAY), Lindblad Expeditions (LIND), Marathon Petroleum (MPC), Las Vegas Sands (LVS), CareTrust (CTRE), Valero Energy (VLO) and Phillips 66 (PSX), Cheniere Energy Partners (CQP), BAE Systems (BAESY) saw positive mentions in this week's edition of Barron's.

According to a company's filing, "On May 28, 2020, Alexion Pharmaceuticals [ALXN] and Amgen [AMGN] entered into a Confidential Settlement and License Agreement to settle three inter partes review proceedings at the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office initiated by Amgen that the Company previously disclosed. Pursuant to the Settlement Agreement, the company and Amgen have agreed to file a motion with the PTAB to terminate each of the pending IPRs. In addition, effective March 1, 2025 (or an earlier date in certain circumstances), the company grants to Amgen (and its affiliates and certain partners) a non-exclusive, royalty-free, license under U.S. patents and patent applications related to eculizumab and various aspects of the eculizumab product that the company currently markets and sells under the tradename SOLIRIS. This license will allow Amgen (and its affiliates and certain partners), effective March 1, 2025, the right to make, have made, use, import, have imported, sell, have sold, offer for sale, have offered for sale, distribute, and have distributed in or for the U.S., an eculizumab product." The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement, which the Company intends to file as an exhibit to a future current or periodic report.

Research & Development Executive Vice President, along with the Company's clinical investigators, hold a conference call to discuss Amgen's oncology program, including data presented at the ASCO Virtual Scientific Program on May 29 at 4 pm. Webcast Link